Diaphonics Provides Biometric Voice Verification for National Association for Variable Annuities’ Electronic Signature Initiative

Initiative sponsored by leading insurance carriers and securities firms

December 16, 2004

Diaphonics, a provider of security solutions based on voice verification, has partnered with Signix, a leading digital signature company, to provide an innovative platform for the electronic signing of legal documents for the NAVA E-signature working group.  This working group, which includes representatives from major insurance carriers, distributors and securities firms, recognizes that electronic signatures can reduce paperwork, leading to greater efficiencies and reduced costs, and has therefore established a simulation lab to test various electronic signature solutions.

According to Deborah Tucker, Vice President of NAVA, "Diaphonics participation in this initiative enhances the flexibility of e-signature solutions.  Their voice verification platform allows our members to test a new channel for electronic signatures - the telephone."

James Craig, President & CEO of Diaphonics, commends NAVA’s E-signature initiative.  "We are impressed that NAVA’s membership has the foresight to not only see the potential business advantages of electronic signatures, but to also recognize that e-signatures can occur over several channels, including the telephone.  We believe that this simulation is an important step toward full electronic processing of legal documents, and we are pleased to be a part of this important industry initiative."

Diaphonics’ Spike Server adds voice verification to Signix’ hosted solution for Public Key Infrastructure (PKI), so that a user’s identity can be verified over the telephone as part of the electronic document signing process.  Spike Server verifies a caller’s identity by matching a sample of the caller’s voice to a saved voice profile, or "voiceprint".

Mr. Craig notes that "Signix has proven to be an outstanding partner.  By working together we have created a compelling multi-channel solution for the electronic signing of policies, contracts and other legal documents.  From the user’s perspective, the solution requires no special equipment, just a telephone or web browser."

According to NAVA, some of the companies that are participating in the simulation include AEGON Insurance Group, Allstate Financial, American Express Financial Group, Finetre Corporation, Genworth Financial, ING U.S. Financial Services, MetLife, Minnesota Life, Nationwide Financial and Symetra.

Diaphonics (www.diaphonics.com) is a provider of security solutions based on voice verification.  Diaphonics’ Spike Server is the industry’s most complete hardware and software platform for voice security.  Today, financial services companies and government agencies rely on Spike Server to verify the identity of callers with voice verification, record voice transactions and create a searchable audit trail.  Diaphonics is based in Halifax, Canada, with sales offices in Virginia and California.

Signix (www.signix.com) is a digital signature solution provider headquartered in Atlanta, GA with offices in Chattanooga, TN.  The Company's patent pending technology allows online visitors to a website to be rapidly authenticated and issued digital signing credentials, enabling them to apply legally-binding signatures to documents utilizing the browser from any PC.  Signix offers an advanced implementation of PKI, or public key infrastructure, which makes this highly secure technology practical and cost-effective for a wide range of new applications.

NAVA (www.navanet.org) is a not-for-profit trade association located in suburban Washington D.C. NAVA provides a variety of services to the industry including educational forums, research, and conferences aimed at furthering the development and understanding of fixed and variable annuities, income annuities and variable life insurance. NAVA also maintains and supports an educational website for consumers at www.RetireOnYourTerms.com.

Media contact:
Jeremy Bernard, Diaphonics, (902)446-3671, [email protected]